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OVERLAND PARK, KS-A joint venture partnership purchased Corporate Woods, a 294-acre, 2.2-million-sf office park, for nearly $300 million in a sale that closed Dec. 8. The new owners of the campus, which is zoned for up to 1.1 million sf of future development, are Stoltz Real Estate Fund II and an institutional capital partner advised by Urdang Capital Management. Knickerbocker Properties Inc. XXI sold the property.

Andrew Silberstein, executive vice president of Stoltz Real Estate Partners, tells GlobeSt.com that the acquisition marks the Pennsylvania-based company’s entry into Kansas City, a market where it plans to look for future investment opportunities. “We have a great team on the ground,” Silberstein says. “We would like to expand our presence there. We like the demographic.”

Located at the junction of Interstate 435 and US 69, Corporate Woods is the largest office park in the Kansas City market. The wooded, suburban campus, which has developed over the last 30 years, houses a highly-diversified tenant base in its 28 class A and class B buildings, Silberstein says. The most recent addition to the campus is Building 82, a 250,000-sf class A office building completed in Sept. 2001. In the northwest corner of the park there is land for another four buildings totaling 1.1 million sf, company officials say. The office park’s amenities include retail, parks and walking trails.

The occupancy of Corporate Woods is in the high 80s, Silberstein says, adding that the new ownership is optimistic about the property’s position in the South Johnson County submarket. “Our feeling is that we own the premiere property in a market where occupancy has been on a firming trend,” he says. Vacancies in South Johnson County were down to 13% in the third quarter from 13.6% the previous quarter, according to a Colliers Turley Martin Tucker office report.

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